Answer:
$12,929
Explanation:
Amount = $14,000
Rate=4%= 0.04
Number of Times Compounded= 4
Time= 2 years
For Compound Interest,
Amount = P(1+ ʳ/ₙ)ⁿᵗ
14000 = P(1+0.04/4)²ˣ⁴
14000=P(1+0.01)⁸
14000=P(1.01)⁸
P= 14000/(1.01)⁸
=$12928.77
Leslie should set aside an approximate sum of $12,929 for her trip.
Answer:
The insurance prepaid account would have a debit balance of $6,300
Explanation:
The initial amount paid is recorded thus:
Dr Insurance prepaid $8,400
Cr Cash $8,400
The $8400 insurance prepaid for 12 months translates to an insurance expense of $700 per month, however from October 1 to the end of the year means that three months of insurance expense must recorded in the year.
Three months insurance expense=$700*3
=$2100
The recording of this is shown as :
Dr Insurance expense $2,100
Cr Insurance prepaid $2100
The entries would leave a balance of $6,300 debit in the prepaid insurance account($8400-$2100)
Answer:
$82, 727, 931
Explanation:
At a present stock price of $24.40 , the cost of buying all outstanding 3,390, 489 shares is calculated by multiplying the present stock price by the total outstanding shares 24.40 * 3, 390, 489 = 82, 727, 931
Answer and Explanation:
The journal entries are shown below:
On June 12
Cash $324,375
To Common stock $86,500
(86,500 shares × $1)
To Paid in capital in excess of par - Common stock $237,875
(being the issuance of the common stock is recorded)
On July 11
Cash $334,800 (3,100 shares × $108)
To Preferred stock $319,300 (3,100 shares × $103)
To Paid in capital in excess of par - Preferred stock $15,500
(being the issuance of the preferred stock is recorded)
On Nov 28
Treasury stock $9,350
To Cash $9,350
(being the purchase of treasury stock is recorded)